Detroit, MI 48224 Real Estate Market Report

Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Market Metrics

The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Rental Market

Property Taxes

Liquidity & Velocity

Market Trends & Context

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

Key Findings

1. The primary market signal is the median sold price of 82,500, which represents the most reliable indicator of recent transaction-level value and suggests modest appreciation versus asking expectations; sold price strength appears to be supporting price stability.
2. There is a persistent pricing spread between the median listing price of 85,000 and the median sold price of 82,500, which may indicate pricing friction where some sellers’ expectations exceed realized transaction prices — well-priced homes are still moving.
3. The median days on market of 269 points to slower sales velocity and extended time-to-contract relative to faster markets, which may reflect tighter buyer affordability given elevated interest rate pressure and the need for more aggressive pricing or concessions to accelerate closings.
4. Market context is broadly balanced: the market temperature is reported as neutral, price year-over-year trend is reported as up, rent year-over-year trend is flat, and interest rate pressure is elevated — additionally, current mortgage conditions note that Current 30-year fixed mortgage rates in the 48224 area average 6.69%, which is 0.47% higher than the 6.22% average observed in late 2025, a headwind for affordability that may prolong time on market.

Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.